Keenan Industries has a bond outstanding with 20 years to maturity, an 8.25% coupon paid semiannually, and a
$1,000 par value. The bond has a 6.50% nominal yield to maturity, but it can be called in 7 years at a price of $1,085. What is the bond’s nominal yield to call? Enter your answer rounded to two decimal places. Do not enter % in the answer box. For example, if your answer is 0.12345 or 12.345% then enter as 12.35 in the answer box.